According to the Complaint, Binance launched in July 2017. By January 2018, it had become, and remains, the largest cryptocurrency exchange in the world, with a market capitalization of $1.3 billion and the highest trading volume of any such exchange. Binance facilitates trades in digital assets, including the Tokens, by providing a marketplace and facilities for bringing together buyers and sellers of securities, in exchange for Binance taking a fee for every transaction it facilitates.
On behalf of a class of investors who purchased twelve digital tokens that Binance has sold through its online exchange since July 1, 2017 (the “Class”), without registering under applicable federal and state securities laws as an exchange or broker-dealer, and without a registration statement in effect for the securities it was selling, Plaintiffs and members of the Class seek to recover the consideration paid for the tokens and the fees they paid to Binance in connection with their purchases of EOS, BNT, SNT, QSP, KNC, TRX, FUN, ICX, OMG, LEND, ELF, and CVC (together, the “Tokens”).
On August 26, 2020, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on September 11.